补贴数月，外卖行业更好了吗？

Core Viewpoint - The article discusses the competitive landscape of the food delivery industry, highlighting Meituan's financial performance amidst intense competition and its strategic focus on long-term sustainability rather than short-term gains [1][2][3]. Financial Performance - In Q2 2025, Meituan reported revenue of 91.8 billion yuan, a year-on-year increase of 11.7%, but adjusted net profit fell significantly to 1.493 billion yuan, indicating a substantial decline [1][3]. - The core local business segment generated revenue of 65.3 billion yuan, growing by 7.7% year-on-year, showcasing stability despite overall profit decline [3]. Competitive Strategy - Meituan's CEO Wang Xing emphasized the company's opposition to "involution" in the industry, focusing on ecological construction and long-term health of the business rather than engaging in destructive competition [2][13]. - The company aims to build a healthier ecosystem by improving rider protections, reducing merchant burdens, and enhancing food safety standards [16]. Service Quality and User Engagement - Despite profit challenges, Meituan maintained high service quality, achieving record user engagement with over 500 million monthly active users and peak daily orders exceeding 150 million [3][4]. - The introduction of a membership system integrating various services has further enhanced user loyalty and transaction frequency [7]. New Business Developments - Meituan's new business segment contributed significantly to revenue growth, reaching 26.5 billion yuan in Q2, with a year-on-year increase of 22.8% [8]. - The company is expanding its international presence, particularly in markets like Hong Kong and the Middle East, which provides new growth opportunities [8]. Supply Chain Innovations - Meituan has established over 50,000 "flash warehouses" to enhance supply chain efficiency and support local businesses in digital transformation [7]. - The synergy between different business segments, such as food delivery and in-store services, strengthens Meituan's competitive advantage [7]. Industry Dynamics - The competitive landscape has evolved from a simple rivalry between Meituan and Ele.me to a three-way battle involving Meituan, JD, and Alibaba, with significant financial backing fueling ongoing subsidy wars [11][12]. - The article suggests that the end of subsidies may lead to a more rational market where companies must focus on genuine consumer needs rather than temporary price wars [12][16].